Bybit Gets Emergency Loans of $172.5M Amid a $1.4B Exploit
The post Bybit Gets Emergency Loans of $172.5M Amid a $1.4B Exploit appeared on BitcoinEthereumNews.com.
An abrupt development in the crypto world has pushed Bybit to move toward emergency loans. According to SpotOnChain, Bybit has gained emergency loans of up to $172.5M. The crypto exchange has been compelled to carry out this instant move amid a massive exploit of $1.4B. The prominent industry peers of Bybit have reportedly assisted it in this situation. Nonetheless, the platform assured consumers of the uninterrupted availability of user withdrawals. Bybit Secures $172.5M Support Amid Exploit Fallout Bybit has reportedly gained noteworthy support of up to $172.5M from its fellow crypto platforms over the recent hours. Particularly, Bitget offered 40,000 $ETH, with a value of nearly $107M. Additionally, MEXC delivered 12,652 $stETH, equaling nearly $33.9M from the hot wallet thereof. Apart from that, Binance contributed a loan of approximately 11,800 $ETH, denoting $31.6M. This collective financial development highlights the robustness of the crypto community amid adverse conditions. The Bybit exploit witnessed drainage of up to 10,000 $ETH per address in the hands of the sophisticated hacker. Though most of the compromised funds belong to $ETH, the exploit has also prompted significant on-chain movements. They include a crucial transaction of $200M in $USDT tokens from the cold to the hot wallet of Bybit. At the moment, it is ambiguous whether the exploiter has allocated these funds to benefit consumer withdrawals or conduct an $ETH buyback. Exploited Funds Represent Just 8.64% of Bybit’s Cumulative Reserves As per SpotOnChain, the exploited funds of a staggering $1.4B in losses, represent just 8.64% of the crypto exchange’s cumulative reserves. The total reserves of Bybit reportedly stand at $16.2B. Hence, the crypto exchange has maintained the withdrawal operations for the users despite the persistent market volatility. Following the respective incident, $ETH has seen a 3% decline only to recover afterward. Source: https://blockchainreporter.net/bybit-gets-emergency-loans-of-172-5m-amid-a-1-4b-exploit/
Filed under: News - @ February 22, 2025 2:26 pm